Short Sales With Credit Union

LoanSafe Member

Anyone short sale thru space coast credit union or any credit union that refused to waive deficiency? If so did you have to foreclose?
It has been 2 years and the credit union is refusing to waive my deficiency even after finding 2 buyers, and between them and PMI company were wanting me to pay them $28,000 cash and almost $100,000 to be sent to collections. I am a single mother with no child support and they could care less. My lawyer trying to negotiate. Any advice appreciated.

Call 1-800-779-4547

I'm not sure if any of the members here have a mortgage through space coast credit union, but I know there have been many members who've had their home loan with a credit union. In regards to them refusing to waive the deficiency, this is common with all mortgage servicers who normally never waive their deficiency rights.

A short sale is really not a whole lot different than a foreclosure other than it is usually better for your credit and also your ability to obtain future credit such as a mortgage. That is the main benefit of going this route.

Your best bet is to forget about them waiving the deficiency and see if it is worth it to either short sale, or just let it go to foreclosure. A lawyer is only going to suck up your money and will make little difference in the outcome. The credit union is going to do what is best for them in regards to profit and under the law.

Best Regards,

Moe
Founder
LoanSafe.org - America's #1 Mortgage Forum
1-800-779-4547

DISCLAIMER: The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

LoanSafe Member

I really appreciate the advice . I am just worried about foreclosure but I guess that would be best option for me since I its not like I have any money to give them to pay the credit union back. I already have another home so I do not need a mortgage. Do you happen to know how long it takes to get credit score back up?